- SideChannel is on a mission to make cybersecurity simple and accessible, mainly targeting small and mid-sized organizations which often fall victim to hackers given their insufficient budgets to invest in an on-site Chief Information Security Officer (“CISO”)
- With hacking and ransomware attacks on the rise, crypto operations, as well as other small and mid-sized organizations, are at risk of falling victim, resulting in a disruption and potentially damaging their operations
- While code audits are still essential, SideChannel’s unique approach to the problem (creating top-tier cybersecurity programs) guarantees both asset and data protection for these enterprises
Within the first three months of 2022, hackers had stolen over $1.3 billion from exchanges, platforms, and private entities, with the victims disproportionately in Decentralized Finance (“DeFi”) and crypto. In 2021, over $3.2 billion worth of cryptocurrency was stolen, and it is projected that the cybersecurity risks to crypto operations will only increase as time progresses (https://ibn.fm/ef8ga).
SideChannel (OTCQB: SDCH), a company on a mission to make cybersecurity simple and accessible, is looking to remedy the situation, mainly by targeting small and mid-sized organizations which often fall victim to hackers given their insufficient budgets to invest in the expertise of an experienced Chief Information Security Officer (“CISO”). By matching companies with an expert virtual CISO (“vCISO”), SideChannel helps them to improve their cybersecurity and move their mission forward. Furthermore, it enables these enterprises to assess cyber risk and ensure cybersecurity compliance without spending sums that could potentially jeopardize their financial assets (https://ibn.fm/BXyqb).
SideChannel’s tailor-made services for crypto and digital asset supply chain cut across exchanges, wallets, mining operations, construction, and power, with the guarantee of defending current security investments while integrating new tools and consumer data protection without disruption. The company also promises a proactive defense that stops threats before they get to data while at the same time reducing security costs by aligning security strategy to overall business goals. This approach has allowed SideChannel’s operations to scale its operations, covering crypto trading platforms, producers and brokers, hedge funds, mining operations, exchanges, and identities, with a huge market opportunity that continues to grow with every passing day.
With hacking and ransomware attacks on the rise, small and mid-sized organizations and crypto exchanges risk falling victim and disrupting their operations, which is costly and potentially damaging to their operations. Threats that include, but are not limited to, commodity exploits, distributed denial of service attacks (“DDoS”), and code corruption have the potential to halt entire business operations, especially in the crypto and digital asset sectors (https://ibn.fm/u4b4f). However, SideChannel seeks to make solutions more accessible and affordable, ultimately becoming an integral partner to small and mid-sized enterprises in this sector.
SideChannel’s management acknowledges that code audits can help with reducing the risk of a successful hack. However, with Chainanalysis estimating that nearly 30% of code exploits occurred on platforms audited within the past year, coupled with a surprising 73% of flash loan attacks, there is a need for a more robust and practical approach to maintaining the integrity of these systems. This highlights SideChannel’s unique approach to the problem- creating top-tier cybersecurity programs for small businesses to help them protect their assets and data.
“As companies invest more in cyber resilience, criminals are finding sophisticated pathways around their defenses, meaning the most dangerous weaknesses are the invisible ones,” noted Dustin Warren, the senior security researcher at cybersecurity company, SpyCloud (https://ibn.fm/E9BC8).
So far, SideChannel has attracted over 20 virtual CISOs to serve across industries, including fintech, biotech, healthcare, manufacturing, legal, defense, crypto, and technology services. With the global cybersecurity market projected to grow from an estimated $173.5 billion in 2022 to $266.2 billion by 2027, the company is readying itself to capitalize on this growth and is on track to do so (https://ibn.fm/LxfM2).
By supporting the crypto and digital asset supply chain to include wallets, identities, mining operations, exchanges, power, and identities, SideChannel is aiding with the proliferation of crypto, and the growth of the sector, which is estimated to post a CAGR of 12.2% from 2022 to 2030. This has facilitated its growth thus far, having posted a 71% year-over-year growth (https://ibn.fm/AbbDN), which Brian Haugli, its CEO, termed as a “demonstration of our [the company’s] continued strength and position in the market across both product and service delivery.”
For more information, visit the company’s website at www.SideChannel.com.
NOTE TO INVESTORS: The latest news and updates relating to SDCH are available in the company’s newsroom at https://ibn.fm/SDCH
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